‘Security will improve’ — youth groups hail CBN for insisting on deadline for old naira notes

A coalition identified as the Nigerian Ethnic Youths Leaders Council (NEYLC) has praised the Central Bank of Nigeria (CBN) for insisting on the January 31 deadline for the use of old naira notes.

Godwin Emefiele, CBN governor, made the announcement on Tuesday after the apex bank’s monetary policy committee (MPC) meeting in Abuja.

In October 2022, Emefiele announced the naira redesign policy which resulted in the change of the N200, N500, and N1,000 notes to new ones.

The current N200, N500, and N1,000 notes will cease to be legal tender after January 31, 2023.

In a statement, the NEYLC, comprising the Arewa Consultative Youths Movement (ACYM), Ohanaeze Ndigbo Youths Movement, Oduduwa Youths, and Middle Belt Youths, said the insistence of the apex bank will help in the fight against kidnapping and money laundering.

“CBN’s decision not to extend the deadline for swapping old naira notes has dealt a final blow to money launderers and kidnappers as this will inconvenience criminals that deal with cash,” Kabiru Yusuf, leader of the Arewa group, said on behalf of the coalition.

“We also support this because lately, counterfeiting of currency has become a common phenomenon. Money has become a standardised trade unit and abused by criminals.

“This will also improve chances of a free and fair election as vote buyers have been taken out of the equation while security will be greatly improved.

“We noticed that since the redesigning of naira, kidnapping and ransom-taking had reduced. Also, smugglers and money laundering companies, who inject counterfeit currency into the financial system, are seriously worried as this has greatly affected their illegal business.”

Meanwhile, the national assembly has asked the CBN to extend the deadline till July.